Under-the-Radar Ethereum Rival Soars 50% in Just One Week, Evading Bitcoin and Crypto Market Malaise

A blockchain protocol focusing on seamless cross-chain interoperability is surging in defiance of broader crypto market momentum.

The Quant Network (QNT) application programming interface (API) uses its Overledger operating system to provide enterprise-grade solutions and smart contract capabilities.

The native token QNT can be used to pay for network resources and licensing fees as well as staking.

The platform is powered by Overledger, which according to the Quant website is “the world’s first blockchain-agnostic API gateway. It enables interoperability by connecting businesses to multiple distributed ledger networks.”

Quant says its products help users reduce costs while “deploying any app on any blockchain.”

Corporate partners include database management company Oracle as well as banking and finance solutions firm Nexi.

At time of writing, Quant Network is up 13.38% over the last 24 hours, trading for $93.07.

QNT was trading for $63.28 a week ago, meaning it’s gained 47% while the crypto markets struggled.

As to what caused Quant Network to surge, a crypto framework released by the U.S. Treasury triggered hype in the community at the start of the week. Web3 producer and Quant Network advocate Greg Lunt published a lengthy thread on how Quant’s efforts could apply to governmental advances in crypto regulation down the road.

The Treasury’s press release entitled “Framework for International Engagement on Digital Assets” lays out a framework for integrating cryptocurrencies into the economy, and follows up on an executive order signed by President Biden earlier this year.

Lunt’s thread lays out the case for the Quant community to be optimistic that as crypto gains mainstream adoption via government regulation as well as the possibility of a central bank digital currency (CBDC) means Quant could be a major player in the future.

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Featured Image: Shutterstock/STR Graphs/INelson

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